The Fajardo Sugar Company was incorporated in New York City in March 1905 by Lorenzo D. Armstrong, James Bliss Coombs, Henry Couger and Jorge Bird Arias. Bliss Combs who acted as President, was an attorney with the New York City firm Armstrong & Keith, he was also treasurer of West India Finance Corporation (see Central Carmen) and an officer at L. W. & P. Armstrong, a New York sugar brokerage firm. Fajardo was not Lorenzo D. Armstrong's first investment in a sugar mill in Puerto Rico, his first investment in Puerto Rico was Central Progreso in Carolina together with Frederick Barnes. Armstrong, also an attorney at Armstrong & Keith, was Director at the Cuban American Sugar Co. where Henry Havenmeyer of the American Sugar Refining Co. was also a director.

In 1919 the Fajardo Sugar Company of Porto Rico was incorporated to take over all the assets and liabilities of the Fajardo Sugar Company. It had controlling interest over the Fajardo Sugar Grower's Association and the Fajardo Development Company. It owned 15,000 acres of land outright and an additional 12,000 under long term lease. Its officers were James Bliss Combs - President, Albert Bunker, Loring N. Farnum, Lorenzo D. Armstong - Vicepresidents, Frederick S. Armstrong - Secretary-Treasurer and John B. Warnuck - Asst Sec-Treas. In addition to all the officers, additional members of the Board of Directors were; James H. Post, George R. Bunker, Thomas H. Howell, Thomas A. Howell, Edwin Packard, Jorge Bird Arias and Joaquin Casanovas. In 1933, John Bass, an officer at L. W. & P. Armstrong was elected President of the Fajardo Sugar Co. as per this 1938 report by Proudfoot's Commercial Agency.

Fajardo was a clone of the Chaparra mill in Cuba and was built by the same Engineer; Samuel Vickess. Both Chaparra and Fajardo were controlled by B. H. Howell & Co. and the National Sugar Refining Co. of NJ. James Howell Post, who was a Director of the National City Bank and Thomas B. Howell were directors of Fajardo as well as of Aguirre.

In 1957 Fajardo Sugar Co. of PR merged with Eastern Sugar Associates creating the Fajardo Eastern Sugar Association. In 1961 Fajardo Eastern Sugar Association was aquired by C. Brewer PR. Inc. a subsidiary of C. Brewer & Co. of Hawaii which venture was not successfull and lasted only 6 years. C. Brewer PR, Inc. and its five remaing sugar mills Fajardo, Canovanas, Juncos, Santa Juana and Cayey (Pasto Viejo and Defensa had shut down in 1959 and 1939 respectively) were acquired in 1967 by the Government of Puerto Rico.

The sugar mill built a number of houses for its workers or "batey". Today, these comprise the area knownas "Barrio Jerusalén" adjacent to the sugar mill remains. Most of the original houses have been remodeled and improved and are currently occupied. One of the pictures below is the structure of an abandoned house which, as stated by a neighbor, is the never altered original design.

The sugar mill's location is now right in the middle of town, adjacent to the Superior Courthouse Building. The sugar mill was dismantled in 1995 and in 2011 its machinery and equipment was sold in Honduras, whatever remained was sold as scrap.